According to a complaint filed in San Francisco Superior Court, St.Anthony lost $2 million in similarly unsafe securities which were invested by its financial advisor, SCM Advisors with Citigroup Global Markets Inc. in 2007.

In August 2008, CGMI entered into a settlement with the SEC in which it agreed to buy back these auction rate securities from certain investors, but CGMI refused to offer similar relief to St. Anthony and the members of the communities that St. Anthony serve.

The lawsuit alleges that both SCM and CGMI knew by that time that the auction markets were in serious trouble and likely to collapse, causing serious harm to investors such as St. Anthony.